WOTC Program Transitional Relief Announced

Recently released IRS Notice 2016-22 provides for a transitional relief period for the Work Opportunity Tax Credit (WOTC) Program, providing businesses with the opportunity to retroactively capture the WOTC Program for hires made prior to its reauthorization i.e., the “hiatus” or period of time in which the WOTC Program was expired due to Congressional inaction on the tax extenders bill.  Businesses may now retroactively screen and pursue the WOTC Program for employees that were not screened during hiatus or, for those businesses that chose to do so, allows for c...
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PATH Act Effects Code Section 179

The PATH Act increased the expensing break for qualifying real estate improvements. It also made it easier for improvements to qualify for bonus first-year depreciation, but the determinations of qualifying improvements and expenses are more complex.  The detail of these new complications is lengthy, but, as summarized by Thomas Reuters in their Checkpoint New dated March 8, 2016, as a general rule, the cost of commercial real estate improvements is recovered over a period of 39 years via straight line depreciation only.  “However, for specially defined categories of r...
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